The Institute of Directors on Thursday hosted the 2022 Women Directors Annual Conference organized by the Women Director's Development Committee arm of the Institute. The flagship event aimed to contribute to the fulfilment of the mandate of the WDDC in developing women directors, both seasoned and aspiring. 

The conference had its theme, Facing Forward – The Evolving Nature of Boards on a Rapidly Changing World. The event explored significant macroeconomic, business, geopolitical, social, and corporate governance and their impact on the boardroom.

Giving the welcome address, Dr. Ije Jidenma, President and Chairman of Governing Council, IOD, noted that the significant global change around the world had caused uncertainty and volatility, which has invariably called for enhanced laws and codes for governance. 

Beyond the economic challenges are those of violence, untamed climate change, terrorism, and disruptive technology that has changed the world of businesses. All of these have resulted in unprecedented inflationary crises around the globe. However, the President and Chairman of Governing Council enjoined Directors to face forward as the board sets the tone at the top even in a rapidly changing world. 

In his address, the Vice President, Prof. Yemi Osinbajo, emphasized the impact of a woman on any board. He noted that the gender diversity of boards speaks to the development of organizations.  

Citing a study by the Centre for Economic Policy and the World Economic Forum, which provided an analysis of the handling of the coronavirus in 194 countries, the study showed that countries led by women had systematically and significantly better outcomes than countries led by men, this included countries like Germany, New Zealand, Denmark, Taiwan, and Finland. The study confirmed all the Female-led countries were locked down earlier and suffered only half as many deaths as countries led by men.   

He also informed the stakeholders that empirical research of listed companies on the S & P index from 2000 to 2015 at the Macquarie Business school had also shown that companies led by female CEOs performed better than companies with male CEOs. The same is true of companies with substantial female representation on their boards. 

"Also, other research has shown that Fortune 500 companies with more female directors on their boards show a 42% return on sales and 53% higher return on equity than companies with fewer women on their boards. While there is a positive trend of female representation in the boardrooms led by women in Nigeria, women's representation in government positions remained stuck on the path", Vice President Osinbajo noted.

The Vice-President suggested that organizations such as IOD must step up advocacy for female representation as an economic imperative and not in men's moral duty of mere concessions. More importantly, the education of girls before they become women. Educated women mean educated children, and this is the pipeline for women who would become CEOs, Legislators, and government officials. 

Speaking on the challenges organizations face, such as slow GDP growth, talent risk, technology disruption, and cyber security, Mr. Kunle Elebute, Chairman of KPMG Africa, noted that the focus for boards must be increasingly shifting beyond the traditional skill sets. He said beyond commercial acumen and financial illiteracy, boards must deal with fast-paced changes in technology, the impact of the global economy, increased stakeholder expectations and social norms such as inclusion and diversity.

He further highlighted that boards must evolve to remain relevant by; 

• Engagement in strategy and in envisioning the future of the business
• Engage proactively with stakeholders
• Prioritizing talent, human capital management, and CEO succession
• Approach cybersecurity and data privacy holistically as data governance
• Reassess the company's crisis prevention and readiness efforts
• Think strategically about talent and diversity in the boardroom.

"Without deviation from the norm, progress is impossible," Elebute added.

The conference also featured panel discussions and had in attendance Nike Ogunlesi, Founder and CEO of Ruff' n' Tumble, Ibukun Awosika, Founder and CEO, The Chair Centre and Fatima Wali Abdurrahman, Senior Advisor to the Group President, Dangote Industries Limited.